Comprehensive Guide to Anti-Money Laundering and Terrorist Financing Regulations in Nauru for Designated Non-Financial Businesses and Professions (DNFBPs)
Key Obligations Under Part 4 of the AML-TFS Act 2023
Reporting Entities and Criteria
- DNFBPs must comply with Part 4 of the AML-TFS Act 2023 if they meet specific criteria:
- Cash transactions equal to or above USD/EUR 3,000
- Buying and selling real estate
- Managing client money, securities, or other assets
- Organizing contributions for companies
- Creating, operating, or managing legal persons or arrangements
Designated Non-Financial Businesses and Professions (DNFBPs)
- The guide lists specific DNFBPs that must comply with Part 4 of the AML-TFS Act 2023:
- Dealers in precious metals and dealers in precious stones (when engaging in cash transactions)
- Trust and company service providers (when preparing for or carrying out transactions)
- Lawyers, notaries, accountants, and other professionals who manage client money or assets
- Real estate agents and property developers
- Casinos and gaming operators
Obligations of Reporting Entities
- Conduct customer due diligence
- Establish and maintain records of transactions
- Report suspicious transactions to the Financial Intelligence Unit (FIU)
Guidelines and Resources
- The FIU provides guidance on implementing Part 4 of the AML-TFS Act 2023, including training and awareness programs.
- DNFBPs can contact the FIU or the Deputy Registrar for Corporations for assistance with the guide.